FORT MYERS, FLA. — Marcus & Millichap has arranged the $13.2 million sale of a medical office property located at 13813 Metro Parkway in Fort Myers. Constructed in 2006, the building totals 38,404 square feet. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller, a private limited liability partnership, in the transaction. The buyer was also not disclosed.
METAIRIE, LA. — Three new tenants, all divisions of Abercrombie & Fitch Co., will open at Lakeside Shopping Center, a 1.2 million-square-foot retail center located in Metairie, roughly eight miles outside of downtown New Orleans. Abercrombie & Fitch, abercrombie kids and Hollister Co. are scheduled to open at the property this summer. The stores will feature updated prototype formats for the respective brands. Abercrombie & Fitch Co. operates more than 750 stores under these banners throughout North America, Europe, Asia and the Middle East.
ATLANTA AND NEW YORK CITY — Private equity giant Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Fla., in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. In addition to smoothies, the company sells menu items like sandwiches, salads and bowls. In the first quarter of this year, Tropical Smoothie Cafe completed 64 franchise agreements and opened 39 new stores. Its newest airport location opened at Hartsfield-Jackson Atlanta International Airport. The launch of new menu items such as Tropic Bowls helped drive overall sales, which were above the industry average in the first quarter, according to the company. “Tropical Smoothie Cafe has had an impressive growth trajectory, consistently building on its loyal customer base as it has scaled nationwide,” says Peter Wallace, a senior managing director in Blackstone’s private equity business. “Blackstone …
NASHVILLE, TENN. — Oracle Corp. (NYSE: ORCL), an IT company known for its cloud-based products and services, has announced it is moving its global headquarters from Austin to Nashville in a move to focus on the healthcare sector, according to multiple media outlets. Oracle chairman and chief technology officer Larry Ellison announced the move at the Oracle Health Summit earlier this week, citing the Music City as a “health center.” In 2020, Oracle announced it was moving its longtime headquarters from Redwood City, Calif., to the Texas capital. In 2021, the company purchased a 60-acre riverfront site in downtown Nashville for more than $250 million with plans to develop a corporate campus. In 2022, Oracle bolstered its healthcare portfolio when it acquired electronic medical records company Cerner in a deal valued at more than $28 billion. Oracle also expanded its office presence in Nashville by leasing more than 100,000 square feet at Radius, a nine-story office building in the city’s Gulch district. According to The Tennessean, Ellison says that the riverfront campus underway in Nashville will resemble a city within a city with office buildings, a park, hotel, concert venue, restaurants and a community clinic.
WEST PALM BEACH, FLA. — Tortoise Properties, a locally based development firm, has delivered Tortoise One, a luxury multifamily development in downtown West Palm Beach. The property comprises two eight-story buildings with 264 apartments, nearly 21,000 square feet of amenities and 3,325 square feet of ground-level retail space. Tortoise One’s floor plans range from studios to two-bedroom units ranging from 548 to 1,053 square feet in size. Monthly rental rates range from $2,506 to $4,629, according to Apartments.com. Tortoise Properties recently received its final temporary certificate of occupancy (TCO) for the project. The project team includes property manager Crown Residential, architect MSA Architects, interior designer Builders Design and general contract Verdex. In summer 2022, Acore Capital provided an $88.5 million construction loan for the project.
LANDIS, N.C. — Jackson-Shaw has broken ground on Landis Ridge, a 1.3 million-square-foot industrial park in Landis, a northeast suburb of Charlotte in Rowan County. The Dallas-based developer plans to deliver the project, its first in the Charlotte area, in two separate phases. Phase I is slated for a second-quarter 2025 delivery and will comprise three buildings totaling nearly 600,000 square feet. Situated on nearly 150 acres at 619 Old Beatty Ford Road, the parcel is located midway between US Route 29 and the new exit 65 on I-85. Jackson-Shaw is developing Landis Ridge on a speculative basis with various uses in mind, including third-party logistics occupiers, e-commerce distribution, consumer goods, warehousing and manufacturing. Jay Hill, Spencer Yorke and Matthew Greer of JLL are leading leasing efforts. Compatriot Capital is Jackson-Shaw’s equity partner for Landis Ridge, and Hartford Investment Management Co. (HIMCO) provided construction debt financing. The design-build team includes general contractor Frampton Construction, civil engineer Orsborn Engineering Group and architect Merriman Schmitt Architects.
TAMPA, FLA. — A joint venture between PCCP LLC and Stonemont Financial Group plans to break ground next month on a 100,620-square-foot speculative industrial facility in Tampa. Called TIA Executive Center, the project will be located at 6101 Johns Road, which is within two miles of Tampa International Airport and immediately north of Executive Industrial Park. The property will offer 32-foot clear heights, spec office suites and will be divisible down to around 33,000 square feet to accommodate smaller users. PCCP and Stonemont Financial plan to deliver TIA Executive Center in first-quarter 2025. The project team includes general contractor Frampton Construction, architect Harley Commercial Architecture and civil engineer Kimley-Horn. JLL will handle leasing on behalf of the co-developers.
KNIGHTDALE AND DURHAM, N.C. — The Providence Group has arranged two leases in the metro Raleigh-Durham area with national retailers HomeGoods and Michaels. HomeGoods will occupy nearly 23,000 square feet at Knightdale Marketplace, a 325,000-square-foot, open-air shopping center in Knightdale. Michaels will occupy 16,200 square feet at Durham Festival, a 134,290-square-foot retail center in Durham. Melissa McDonald of The Providence Group represented the tenants in both lease transactions. Reagan Crabtree and Cristi Webb, also with The Providence Group, represented the landlords in both deals — Epic Real Estate Partners at Durham Festival and M&J Wilkow at Knightdale Marketplace.
SANFORD, FLA. — A partnership between Royal Palm Cos. and Mattoni Group has obtained $86 million in construction financing for Tuscany Village, a 420-unit multifamily development located at 4201 W. First St. in the north Orlando suburb of Sanford. The financing comprises $68 million in debt from a partnership between City National Bank and Abanca USA and $18 million in preferred equity from Origin Investments. The co-developers plan to break ground on the 21-acre project in the coming weeks and deliver the property in phases by 2026.
CROSSVILLE, TENN. — Newmark has arranged the sale-leaseback of a five-building industrial portfolio in Crossville, about 70 miles west of Knoxville via I-40. The portfolio spans 920,000 square feet across two property sites: four buildings at 297-349 Sweeney Drive and a 570,745-square-foot facility at 301 Porcelain Drive. The properties are situated about 2.5 miles apart and both have direct access to I-40. Andrew Sandquist, J.C. Asensio and Briggs Goldberg of Newmark represented the seller and tenant, flooring manufacturer AHF Products, in the transaction. The tenant will continue to occupy the portfolio on a long-term master lease. TPG Angelo Gordon purchased the portfolio for an undisclosed price. Jordan Roeschlaub and Christopher Kramer of Newmark arranged an undisclosed amount of acquisition financing through Citi Group on behalf of TPG Angelo Gordon.
